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Natural Resource PRN
(NYSE:NRP)
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Rating:72Outperform
Price Target:
$108.00
▲(10.20% Upside)
Action:Upgraded
Date:08/05/26
NRP’s score is driven primarily by strong current fundamentals (high margins, robust cash generation, and very low leverage) and supportive earnings-call guidance around significantly higher future distributions. These strengths are offset by weakening revenue/FCF momentum and a soft technical picture (below major moving averages with negative MACD), while valuation remains reasonable but not enough to outweigh near-term trend and segment headwinds (notably soda ash).
Positive Factors
High Profitability
Sustained very high net margins provide a durable earnings cushion vs. commodity swings, supporting strong retained earnings and distributable cash. High margin conversion underpins ROE (~19% TTM), giving the company flexibility to fund distributions and absorb cyclical revenue volatility over coming quarters.
Negative Factors
Weakening Revenue/FCF Momentum
A multi-period decline in top-line and free cash flow momentum reduces the margin of safety behind planned distribution increases and limits reinvestment capacity. If these declines persist, the company may face slower balance-sheet rebuilding and less flexibility to sustain elevated distributions over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
High Profitability
Sustained very high net margins provide a durable earnings cushion vs. commodity swings, supporting strong retained earnings and distributable cash. High margin conversion underpins ROE (~19% TTM), giving the company flexibility to fund distributions and absorb cyclical revenue volatility over coming quarters.
Read all positive factors
Natural Resource PRN Key Performance Indicators (KPIs)
Any
Revenue by Segment
Shows how revenue is split across the company’s business lines or geographies, revealing dependence on particular segments and opportunities for diversification. A concentrated revenue mix increases exposure to segment-specific downturns, while balanced growth across segments points to broader resilience and multiple growth engines.
Shows how revenue is split across the company’s business lines or geographies, revealing dependence on particular segments and opportunities for diversification. A concentrated revenue mix increases exposure to segment-specific downturns, while balanced growth across segments points to broader resilience and multiple growth engines.
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The Fly
The FlyNatural Resource PRN (NRP) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.30B
Dividend Yield3.18%
Average Volume (3M)21.64K
Price to Earnings (P/E)11.4
Beta (1Y)0.28
Revenue Growth-15.69%
EPS Growth-18.53%
CountryUS
Employees56
SectorEnergy
Sector Strength52
IndustryCoal
Share Statistics
EPS (TTM)7.94
Shares Outstanding13,250,412
10 Day Avg. Volume18,932
30 Day Avg. Volume21,640
Financial Highlights & Ratios
PEG Ratio-0.79
Price to Book (P/B)2.23
Price to Sales (P/S)6.85
P/FCF Ratio8.36
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Natural Resource PRN Business Overview & Revenue Model
Company Description
Natural Resource Partners L.P. (NRP) is engaged in the ownership, management, and leasing of a diverse portfolio of mineral assets across the United States. The company's operations are structured into two primary segments: Mineral Rights and Soda...
How the Company Makes Money
null...
Natural Resource PRN Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and balance-sheet story: strong free cash flow, near-elimination of debt, and planned significant distribution increases. These strengths are tempered by a meaningful earnings and cash-flow decline in the soda ash segment driven by global oversupply and price weakness, and modest near-term headwinds in Mineral Rights from higher DD&A. Management emphasized resilience of the Mineral Rights cash engine and early signs of soda ash supply rationalization but acknowledged ongoing commodity and macro uncertainty.Positive Updates
Strong Free Cash Flow Generation
NRP generated $42 million of free cash flow in Q2 2026 and $163 million of free cash flow over the last 12 months (before a $39 million investment in the soda ash business in Q1), demonstrating robust cash generation across the business.
Negative Updates
Soda Ash Segment Weakness and Earnings Decline
Soda ash segment net income declined by $7 million versus the prior-year quarter; operating and free cash flow each decreased by $5 million. Management cited global oversupply, weakened flat glass demand, and international prices below most producers' cost of production as core drivers of the downturn.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Free Cash Flow Generation
NRP generated $42 million of free cash flow in Q2 2026 and $163 million of free cash flow over the last 12 months (before a $39 million investment in the soda ash business in Q1), demonstrating robust cash generation across the business.
Read all positive updates
Company Guidance
Management guided that, barring the unforeseen, NRP intends to "significantly increase" unitholder distributions beginning in November (after paying $0.75 per common unit in both Q1 and Q2), driven by a strengthened balance sheet (bank revolver repaid, only $14 million of debt outstanding with a final OpCo note payment due in December) and strong cash generation — Q2 consolidated free cash flow $42 million, operating cash flow $41 million, net income $25 million, and $163 million of free cash flow over the last 12 months before a $39 million Q1 soda ash investment. They highlighted the Mineral Rights segment as the primary cash engine (Q2 Mineral Rights net income $36 million and operating/free cash flow $45 million; metallurgical coal ≈70% of coal royalty revenues and ~45% of coal royalty sales volumes), while cautioning that the soda ash business faces headwinds (Q2 soda ash net income down $7 million, operating and free cash flow each down $5 million, no distribution this quarter versus a $5 million distribution in the prior-year quarter; global supply still exceeds demand despite announcements of roughly 4% of global capacity being idled), and distributions from Sisecam Wyoming are not expected to resume until demand and supply rebalance.Natural Resource PRN Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
82
Very Positive
Cash Flow
79
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 193.62M | 202.34M | 245.03M | 293.66M | 328.08M | 194.25M |
| Gross Profit | 157.90M | 164.28M | 216.99M | 261.34M | 305.57M | 175.17M |
| EBITDA | 137.82M | 159.31M | 214.73M | 311.03M | 317.29M | 166.85M |
| Net Income | 104.56M | 133.64M | 183.64M | 274.42M | 268.49M | 108.90M |
Balance Sheet | ||||||
| Total Assets | 757.53M | 748.37M | 772.91M | 797.88M | 877.13M | 953.82M |
| Cash, Cash Equivalents and Short-Term Investments | 30.13M | 30.14M | 30.44M | 11.99M | 39.09M | 135.52M |
| Total Debt | 27.36M | 33.08M | 142.07M | 159.36M | 171.78M | 433.55M |
| Total Liabilities | 107.48M | 115.85M | 221.80M | 219.64M | 235.09M | 513.89M |
| Stockholders Equity | 650.06M | 621.19M | 541.56M | 570.23M | 636.07M | 438.14M |
Cash Flow | ||||||
| Free Cash Flow | 192.84M | 165.86M | 248.49M | 310.97M | 266.72M | 121.80M |
| Operating Cash Flow | 192.84M | 165.86M | 248.49M | 310.98M | 266.84M | 121.80M |
| Investing Cash Flow | -73.69M | 4.77M | 7.51M | 5.42M | 2.69M | 2.41M |
| Financing Cash Flow | -118.00M | -170.93M | -237.55M | -343.50M | -365.95M | -88.49M |
Natural Resource PRN Technical Analysis
Positive
98.00
Price Trends
100.74
Positive
108.30
Negative
109.05
Negative
Market Momentum
0.24
Negative
66.66
Neutral
59.88
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NRP, the sentiment is Positive. The current price of 98 is below the 20-day moving average (MA) of 98.58, below the 50-day MA of 100.74, and below the 200-day MA of 109.05, indicating a neutral trend. The MACD of 0.24 indicates Negative momentum. The RSI at 66.66 is Neutral, neither overbought nor oversold. The STOCH value of 59.88 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NRP.
Natural Resource PRN Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $3.34B | 12.60 | 14.82% | 9.71% | -5.11% | 13.03% | |
72 Outperform | $1.30B | 11.36 | 18.84% | 3.18% | -15.69% | -18.53% | |
67 Neutral | $4.19B | 30.31 | 6.44% | 0.40% | 11.32% | 29.65% | |
65 Neutral | $15.17B | 7.61 | 4.09% | 5.20% | 3.87% | -62.32% | |
55 Neutral | $2.60B | -14.18 | -5.29% | 1.32% | -0.68% | ― | |
54 Neutral | $1.74B | -45.57 | -2.47% | ― | -19.15% | -246.35% | |
43 Neutral | $568.30M | -8.19 | -13.54% | ― | -16.66% | -195120.00% |
* Energy Sector Average
NRP
Natural Resource PRN
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2.89
2.83%
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AMR
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METC
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-55.75%
HCC
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89.62
30.19
50.79%
BTU
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23.52
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39.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.